Banking
Access Bank Customers Win in DiamondXtra Draw
By Dipo Olowookere
Over 1,000 customers of Access Bank across Nigeria emerged winners in the second quarterly draw of the DiamondXtra Season 12 reward scheme held in Lagos recently.
One of them was a 59-year-old trader at the Ogbaru market in Onitsha, Anambra State, Mr Dominic Akaraka, who won the Salary-4-Life prize.
Speaking after receiving his cheque at his branch in Onitsha, Mr Akaraka expressed his excitement and told newsmen that he has been a customer of Access Bank for more than 10 years, adding that Nigerians should partake in the initiative as it is real.
“I have been banking with Access Bank for more than 10 years now. The first time I got a call from the Bank that I won the star prize, I warned the person not to call me again and I hung up the phone thinking it was a fraudster but when they called again, I decided to give them a listening ear only to discover when I visited my branch that I have won the star prize of Salary-4-Life, which means I would be paid N100,000 every month for 20 years.
“I am too excited and short of words. I am 59 years old with a wife and six children. Before I got this call from Access Bank, I and my family have been going through financial challenges and business has been very slow and unprofitable due to the lockdown and restriction of business activities within the state.”
“All my fellow traders are aware already and are opening the DiamondXtra account. I will encourage my friends and family members to bank with Access Bank so that they can partake in this initiative because it has salvaged my financial situation. I feel like am still dreaming. Thank you Access Bank,” he said further.
Also speaking at the prize presentation ceremony, Head, Retail Product insight and Capabilities, Access Bank Plc, Rob Giles, noted that the bank has kept its promise of keeping the initiative going and growing.
Mr Giles revealed that over N5.4 billion in prize money has been doled out while adding that the bank recently launched a variant of DiamondXtra tagged Xtrawins where customers are rewarded with daily, weekly and monthly cash rewards.
“We are trying to make the prizes more accessible so that more Nigerians can win every year, and the introduction of the XtraWins daily draws allows us to reward more customers frequently. The special thing about DiamondXtra Season 12 is the difference we are making in the lives of our customers.
“Today, we have 5 winners who have emerged winners in the following categories: Salary-4-Life, Rent Allowance for a year, N1 million Business Grant as well as, the latest reward category, Family Health Insurance cover for a year which we introduced to assist families to secure access to quality health as a way of providing more relevant support to our customers in the current pandemic situation.
“Other prize categories won include, N500,000, N100,000 and much more. This savings scheme has been a success since its launch in 2008 and we intend to keep on impacting our customers positively,” he said.
Corroborating his words, Head, Consumer Banking, Access Bank Plc, Ms Adaeze Ume, explained that the motivation behind the XtraWins initiative was born out of the need to transform the lives of customers during these COVID-19 times.
“In our own little way of showing appreciation to our customers for their patronage and loyalty, the bank launched the XtraWins rewards – a campaign that rewards customers with daily, weekly and monthly cash prizes ranging from N500 – N1 million when they maintain a minimum of N1,000 in their accounts and conduct at least 3 transactions daily using our USSD service *901# or any of our mobile apps to purchase airtime, pay bills, transfer funds, etc.
“The beauty about the Xtrawins campaign is that winners emerge every day and we have rewarded over 8,000 customers in 9 weeks,” Ms Adaeze concluded.
DiamondXtra is an interest yielding hybrid account which allows the deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features.
The reward scheme has given away over N5 billion in cash and household items to over 15,000 loyal customers over the last 10 years.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
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